Bridged ETH (NEAR Intents) (ETH)

📉 ZachXBT alerts about possible liquidity issues on AscendEX

On-chain researcher ZachXBT warned of possible liquidity problems on AscendEX after detecting very low balances of major assets such as ETH, USDT and SOL in the platform's hot wallets. The alert comes after multiple user reports claiming withdrawals have been stuck for several days.

ZachXBT publicly recommended avoiding making new deposits on the platform.

What did ZachXBT detect in AscendEX's wallets?

According to ZachXBT's analysis using data from Arkham and TRM, AscendEX's operational hot wallets show a significant scarcity of high‑liquidity tokens. At the same time, several users report that their withdrawal requests remain in “initiating” or pending status for days without generating a transaction hash on the blockchain.

AscendEX's official support documentation sets a maximum time of two hours to issue a transfer identifier. However, some users have reported delays of 3 to 10 days for USDT and PAXG withdrawals.

ZachXBT clarified that these data do not constitute definitive proof of insolvency, as most client assets are usually kept in cold storage, which is not easily traceable. Nevertheless, the combination of low hot‑wallet balances and frozen withdrawals raises alert signals about possible liquidity strain.

Background of AscendEX and current risks

AscendEX (formerly BitMax) has faced security incidents in the past. In December 2021 it suffered a hack of its hot wallets with losses of $78 million attributed to the Lazarus group. In May 2026 the platform temporarily suspended trading of two stablecoins due to irregularities in their issuance.

Currently, some users with locked funds have been targeted by scammers offering fake recovery services. Authorities recommend using only official channels and avoiding unauthorized intermediaries.

To date, AscendEX has not issued an official statement regarding user complaints or ZachXBT's observations.

Important notice: This information is based on public reports from ZachXBT and user complaints. It does not constitute financial advice. Always verify the status of your funds through official channels before making deposits.

I think more liquidity is going to head from ETH NFTs to Panini

People love the reveal - You can buy packs and get that all the time. Low cost with potential big upside

Compare that to the NFT mints where you know that money is leaving the chain because its a low effort mint with no chance of lasting a month

You are buying players that have established careers

Sports that have existed for a century

Multi generational fanbases

You can buy a card for a player and take part in their future

The stadiums are built, the fan bases exist

Compare that to the uphill battle every "web 3" project faces

They mint the project for millions from the "fans" before there are any other fans

Theres no stadiums built and no player history behind these web 3 nfts

Its not hard to see why 99% of projects have failed to sustain attention and capital inflows

It makes sense why Azuki is taking the leap to build a base that has a chance outside the web 3 bubble - yes they have raised tens of millions - but that is the risk they need to take

Bored Apes have the web 3 culture provenance - its a different play. But it relies on selling that culture and the club aspect - The IRL clubhouse will be a pivotal moment. If you erase the prices paid for the Otherside mint and peoples bags - I doubt people are actually interested in running around playing otherside. How many of these NFT holders will play GTA 6 or already game together daily/weekly - The value is the network and the history.

Punks still remain the only NFT I would buy if I had to turn off my computer and come back in 10 years

You could also argue you could do this with digital sports cards